The fiscal 2021 budget projects the deficit will hit $1 trillion this fiscal year and linger at $200 billion after a decade.
The White House is proposing to continue tax cuts for individuals through 2035 at a cost of $1.4 trillion — a figure that serves as a rough placeholder for President Trump's promised "Tax Cuts 2.0."
The fiscal 2021 budget, to be released Monday, includes a plan to extend the disputed tax overhaul that Republicans passed in 2017. The reductions in the individual rate are set to expire in 2025. The White House is proposing to continue those cuts through 2035 at a cost of $1.4 trillion — a figure that serves as a rough placeholder for President Donald Trump's promised "Tax Cuts 2.0.
The White House is counting on economic growth to help shrink the deficit. Its forecast projects the deficit will hit $1 trillion this fiscal year and linger at $200 billion after a decade. The senior White House official said it will take the administration five more years to balance the budget. The Corporation for Public Broadcasting would be privatized, and the AmeriCorps volunteer program would be eliminated. The official said no cuts are proposed to Social Security or Medicare, though the administration has proposed tougher reviews of the Social Security disability insurance program as well as drug pricing reforms that could affect Medicare costs.
"If the budget is as destructive and irresponsible as the President's previous proposals, House Democrats will do everything in our power to stop the cuts and policies from coming to pass," the committee said. The CBO estimates the economy will expand at a rate of 1.6% to 1.7% over the next 10 years, about half of the administration's forecast.
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